ETH price falls below $3k with $67.37 million liquidated

The world’s second largest cryptocurrency, Ethereum (ETH), has witnessed intense sell-offs and has even fallen below $3,000.

This sharp drop saw $67.37 million worth of long positions liquidated, while short traders gained the upper hand. At the same time, Glassnode shared insights into the recent Ethereum spending cut proposal, which has drawn criticism from the community.

In this article, we will look at the factors that contributed to this sharp price drop, current market sentiments, and what the future may hold for Ethereum.

Ethereum is under heavy pressure

Ethereum continues to turn heads in the crypto world, especially after the recent 20% drop in ETH risk shifts and the approval of the spot ETH ETF in Hong Kong.

According to QCP Broadcast, there is increased nervousness among Ethereum investors, heightened by geopolitical tensions such as the Iran-Israel conflict, which has led to a cautious stance among crypto bulls.

Despite the increasing interest in Ethereum following the ETF approval, data from Santiment indicates a 54% increase in ETH shorts, indicating increasing bearish sentiment around the digital asset.

Traders see more than $81.9 million evaporate in 24 hours

The recent 24 hours have seen more than $81.9 million in liquidations for Ethereum, of which $67.4 million was liquidated long positions, according to Santiment.

This follows on the heels of the Ethereum Foundation’s proposal to reduce ETH issuance, a move that continues to draw criticism despite explaining that the goal is to preserve Ethereum’s status as money and find a balance in network power.

Glassnode warns that the rise of restaking and liquid restaking tokens increases ETH inflation and heralds a wealth transfer from unstaked to staked ETH holders, potentially impacting the governance and stability of Ethereum’s layers.

While discussions about corrections and fundamentals of Ethereum are taking place, whales are quietly buying up ETH at lower prices.

Whales are accumulating ETH in the background

According to on-chain tracking platform Lookonchain, two whales were spotted on Monday collectively accumulating more than 15,000 ETH coins, worth nearly $70 million at current market prices.

Interestingly, one of the whales put their share of the withdrawn amount, approximately 10,000 ETH, into decentralized finance protocols (DeFi) such as Pendle Finance and Renzo.

An overview of the ETH market via Santiment noted that there have been fewer large trades by whales in recent days. Furthermore, the holdings of these major players decreased significantly, indicating that many investors moved their ETH to the mentioned protocols.

Ethereum technical analysis

After a 12.65% correction and bearish price sentiment that lasted for more than a week, the ETH coin price has shown an uptrend of around 3% over the past day, indicating a decrease in selling pressure from the bears.

Ethereum has recently formed a symmetrical triangle pattern and is trading within this pattern. Moreover, the ETH coin is hovering close to its $3,149 resistance level and the triangle’s support trendline, indicating uncertainty in future price action for the altcoin leader.

The 50-day EMA shows a bearish convergence on the 1D timeframe. On the other hand, the technical indicator, MACD, shows a constant red histogram with its averages showing a constant decline on the chart.

If the bulls regain momentum, the price will break out of its resistance trendline and attempt to test its upper level at $3,697. Conversely, bearish sentiment could lead the price to drop to test its low of $2,800 in the near future.

Besides Ethereum, there are also other emerging coins that are attracting attention in the crypto world. These new players, still in the presale phase, offer investors the opportunity to get in early and potentially benefit from their enormous growth potential in this market.

99Bitcoins (99BTC)

99Bitcoins ($99BTC) is an educational tool that has been providing traders and investors with information about blockchain and cryptocurrency since 2013. Most recently, the platform initiated a Learn-2-Earn ecosystem where registered participants will receive $99BTC tokens upon completion of a blockchain course.

The aim of the project is to create an educational platform. Some courses will be free for users, but they can also purchase more advanced lessons, trading signals and strategies or access VIP communities with personal coaches using $99BTC.

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Moreover, 99Bitcoins is part of a larger community with no fewer than 700,000 users. You can also make money in the form of passive income by staking the token for an APY above 4000%. Therefore, it is highly recommended to invest in 99Bitcoins early to maximize profits. In the presale, each token costs $0.001.

Dogeverse (DOGEVERSE)

The crypto meme Dogeverse (DOGEVERSE) is a new variant of cryptocurrency that has a bizarre quality: it is possible to own them across multiple chains and trade openly on these chains. Recently, Dogeverse opened its presale and currently, it has already raised over $6.01 million in such a short time.

A breakthrough in the memecoin industry, Dogeverse is Doge’s first to ‘jump’ over chanis; this could allow it to gain a lot of value soon. Ethereum, Binance Smart Chain, Polygon, Avalanche, Solana and Base will all host DOGEVERSE.

During the presale phase, DOGEVERSE tokens will be available for sale at a price of $0.000296 each, and investors will have the option to purchase and stake their investment to receive additional tokens as a reward. Given the high demand created by the presale, the product will take off like a rocket.

However, it is crucial not to lose sight of Dogecoin, the cryptocurrency that started it all. An important question remains unanswered: will this coin be able to reach $1? Watch this video for more insights on this.

Mega Dice Token (DICE)

Mega Dice, a well-known web3 casino, is preparing to launch its innovative token, $DICE, on the Solana blockchain. This platform is known for its ability to support fast and cost-effective transactions, which is essential for a smooth playing experience at Mega Dice online casino. The integration with Solana allows token holders to not only enjoy exclusive games through the casino and the Telegram bot, but also offers attractive investment opportunities through staking.

$DICE tokens offer more than just play money; they function as a key to exclusive content and increase interaction within the Mega Dice ecosystem. By staking $DICE, investors can passively earn additional rewards directly related to casino revenue.

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The $DICE presale has already raised an impressive over $320,000, with tokens currently listed at $0.069 each. The tokens can be purchased with SOL, ETH, BNB or USDT. With the upcoming launch of the token, holders will be able to take advantage of lucrative staking rewards and access exclusive casino content, making $DICE a desirable option for gamers and investors alike.